I Bought a Flat in Edinburgh! How? Why? Where? When?

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00:00 Background Info
04:50 Deposits
12:50 Being Self-Employed
14:39 Mortgages
17:21 Finding a Property
23:52 Buying with a Friend
29:22 Buying Our Flat
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Опубликовано:

7 авг 2024

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Комментарии : 38

@evngprimrose_ 2 года назад

I am not that far off from hitting 30 and your video gave me the motivation I needed. I may not be looking into buying property in Scotland or the UK in general but you definitely helped me gain perspective with regards to preparing for my future. I also wish to someday find that sense of security by having my own place and you sharing your experience really helped me! Like you said, people aren't really taught these things. Thank you Jean!

@flaviaaalouise 2 года назад

I wasn't actually planning to watch this whole video. I put it on while doing some baking prep but I ended up finishing it. I am not really thinking about buying a flat yet and usually thinking about big decisions like that and money in general makes me quite anxious. However I was really comfortable during the whole video because of the lovely atmosphere you created :)

@JeansThoughts 2 года назад

Oh I'm so pleased to hear that. Big decisions are stressful but I think actually hearing people talk about it more casually but factually can be super helpful because it's actually super doable. It's less permanent than a baby say ahaha.

@sabrinaburton7158 2 года назад

This was so interesting, I just got my first job and am considering moving out in the next few months but understanding money and things like rent and buying property is so complicated and really should be taught in schools

@the1zmaja Год назад

Thank you for sharing, Jean! Loved hearing about your experience. And congrats!!

@lindaklinedinst9236 2 года назад

This is interesting - Thank You For Making this Video. I am glad that you and your partner is doing well and that you are enjoying your New Home - Flat. Take Care & Happy Reading ❤️🤗🔰📚📖🏠❤️

@sophiekay705 2 года назад

I was curious how you came to the decision to buy with a friend, as I’m seeing more and more friends getting into relationships/moving in with their partners and (as a determinedly single ace) just makes the notion of me owning property seem like a pipe dream! (not that living in London didn’t make that unattainable already) 🙃

@florinemrll4009 Год назад

Thank you SO MUCH for this video! I am looking to buy a property in Edinburgh this year, that was super helpful and interesting xx

@hurricaneflowers 2 года назад

I really liked that you said in the video that apartment you are buying can be not your forever home. I was thinking about buying my own place for a while, but i always thought like how can i buy place where i wanna live till the rest of my life, it‘a just to much pressure. I think i got this mindset from older generation, that to buy apartment you need to find partner, start family and only after that buy your forever home, but i like perspective that before that you can also buy some temporary home!

@colinl5985 4 месяца назад

One should not think it's a forever home especially your first one. That's too much pressure.

@TangerineHorizons 2 года назад

Thanks, the bit about deposits and what banks will lend you was really useful

@JeansThoughts 2 года назад

Glad to be of help!

@Lee-ii9mk Год назад

im impressed! I’d love to buy with a friend too

@Jessticulates 2 года назад

Thanks, Jean, this was really useful! I'm currently looking for a flat on my own - like you, I ended up moving back in with my parents just before the first lockdown so have been able to save a little bit - but it is tough, especially when so many flats are shared ownership and I don't want to pay off a mortgage and pay rent at the same time, thanks very much. Glad you're all settled!

@JeansThoughts 2 года назад

Oh god yes! The concept of shared ownership is something I really can’t bring myself to get on board with. I hope your search yields success!!!!!!

@ReadingNymph 2 года назад

Very helpful, me and my partner would love to buy but living in london, yea its ridiculous

@ketrakrelek2347 2 года назад

this is so helpful to hear about, I'm a few years younger than you and starting to think about saving for deposits as like you, I realised mortgage payments tend to be less than rent :o plus I just want to be able to decorate exactly as I'd like I would be interested in hearing about the specifics of buying a flat rather than a house, I know some of it won't apply outside Scotland but if you ever do another video on the topic that would be great

@JeansThoughts 2 года назад

Yay that’s exciting and I’m glad you found the video helpful. Tbh I don’t really know any major differences between flat and house other than that with a flat you may have factor fees - basically an extra monthly payment to the company or individual who manages the actual building by keeping it clean and setting aside money for any repairs like life or hall maintenance. The viewing and mortgage process is the same. If there was something specific you were wondering about though let me know!

@YasmeenKhan 2 года назад

@@JeansThoughts the only other thing I would add is that the English building society I used had a little hiccup with how freehold works in Scotland vs England - when they saw that my tenement flat was freehold they said 'we can't lend on freehold flats because there's no agreement with the rest of the building regarding shared upkeep.' so I had a panic attack! but my solicitor was able to explain to them that freehold on flats works the same way in Scotland as leasehold does in England, ie I still own a share of the entire building too and therefore part of joint responsibility for upkeep. my tenement doesn't have a factor so we just sort things out by email but each building will have its own arrangements :)

@JeansThoughts 2 года назад

Ahaha it's mad when you realise how industry professionals can actual end up being completely clueless when faced with something slightly different.

@imanbell 2 года назад

This was super interesting, and I'm very happy for you! I'm 29 and looking to buy an apartment in Amsterdam, so I relate to this a lot and this makes me excited to own a place (and I'm also bracing myself for the stress lol) actually here too properties go for prices that can be 15% to even 20% above the listing price 😢

@JeansThoughts 2 года назад

I hate the whole 'bidding' type system that offers over creates. A property should have a worth and it should be listed for that price because otherwise people just bid higher than its worth when they can creating a false sense of its worth aaaah.

@giuf175 2 года назад

People regularly spend 50 or even 100k over the asking price here in the Netherlands. That's not just in big cities like Amsterdam. If only it was "just" 15 or 20%.

@Anna-dd1tb 2 года назад

I'm French and this whole system seems so strange. Here you do pay more than the actual price because you have notary fees but it's very rare for a property to sell higher than the price listed, or so I think. Oftentimes it's actually lower thanks to negociations. I bought my flat lower than the listed price, for example, but payed more than just the amount for the place.

@thoroughlyenjoyedbooks8565 2 года назад

I LOVE THIS. I've been planning making a video like this for months but didn't really know how to structure it, so I may pinch a few ideas from this if that's ok? LOVE the discussion on 'you can MOVE'. This was a huge thing for me buying in my home town. I just... didn't want to be 'stuck'. And you're right, I can always sell it! Not sure it was mentioned in this video (if it was I have missed it!) but is there ground rent and things etc to pay on your flat? Because in England, there are soooo many hidden costs in buying a flat that it's often cheaper to buy a house than a flat.

@JeansThoughts 2 года назад

NO - ground rent confuses me so much because rarely is it a thing in Scotland ahaha. Kind of glad that wasn’t something I had to deal with. Although in terms of hidden costs you’re right, there is land tax/stamp duty. Also STEAL AWAY - I can’t wait to hear about your experience :D also when you visiting!? ;)

@thoroughlyenjoyedbooks8565 2 года назад

@@JeansThoughts So, when I was looking at flats in Leicester, the ground rent was extortionate and actually made it completely pointless buying a flat. I was shocked when I looked into it! Yes, we need to discuss a visit!!!

@abi_jean_reads 2 года назад

The housing market in the US (and Canada) is INSANE right now. housing prices have skyrocketed, people are closing on properties within the day or week of them going up and offering well above the asking price (which is shocking because that is not "normal" practice here), and we are now expecting to see a rise in interest rates (which is going to cause a whole new slew of issues). Rental prices have also increased exponentially. If things don't change soon we could be looking at a housing crisis.

@harrietthomas-bush7274 2 года назад

As a trainee property solicitor- please use a traditional estate agent and please employ a solicitor! I promise you it's so important and worth it!!

@JeansThoughts 2 года назад

👏 👏 purely from a buyers perspective I could not agree with this more!!!!

@colinl5985 4 месяца назад

How do you decide on your solicitor?

@WhatVictoriaRead 2 года назад

💛💛💛

@laisseus 2 года назад

Happily watching this video knowing I will never be able to buy a place here in Seattle

@YasmeenKhan 2 года назад

thank you for the informative video! I bought my flat in Edinburgh nearly 3 years ago now and I don't have a whole lot to add but I would just say to anyone reading that if you have anything unusual about your income a/ don't give up and b/a specialist mortgage broker can be well worth the money. I do freelance work for various clients and one insists on paying PAYE, so I had self employed income and PAYE income, and mortgage companies were incredibly inflexible and refused to consider both incomes. and the free mortgage brokers are absolutely not set up to help in situations that aren't entirely run of the mill, and I wasted a lot of time talking to them. In the end after phoning a million people I ended up finding broker who knew where to go, and paying them for that service was 100% worth it as I wouldn't have my flat without them :)

@YasmeenKhan 2 года назад

oh! and if you want to, overpaying a little every month can save interest long term. I overpay by 100 quid and still only pay 2/3 of what my rent was for a flat around the corner. as you say, landlordism is a problem.

@colinl5985 4 месяца назад

Would you recommend your solicitor?